Tobias Adrian on the integrated policy framework amid tariff shocks
The IMF’s financial counsellor speaks about policy reaction functions to supply and demand shocks, scenario-based analyses, Treasury market dynamics and emerging market resilience
Do central banks need more flexible inflation targets to be able to assess, and possibly look through, supply-side shocks moving forwards?
This is a live debate. When you think back to 2021, as inflation was rising, central banks were trying to figure out how to assess the increase in inflation. There were two extremes. On the one hand, you had Brazil, which had already raised interest rates early in January 2021, implying ‘whether it’s a supply shock or it’s temporary, it doesn’t matter, we are
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